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The New View of Investment: A Neoclassical Analysis


  • Edmund S. Phelps


The basis of investment pessimism, 549. — The new view, 551. — A simple model of growth, 553. — Investment and productivity in the long run, 555. — Investment and productivity in the short run, 560. — The rate of return on current investment, 563.— Summary, 567.

Suggested Citation

  • Edmund S. Phelps, 1962. "The New View of Investment: A Neoclassical Analysis," The Quarterly Journal of Economics, Oxford University Press, vol. 76(4), pages 548-567.
  • Handle: RePEc:oup:qjecon:v:76:y:1962:i:4:p:548-567.

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    Cited by:

    1. Hippolyte d'Albis & Jean-Pierre Drugeon, 2020. "On Investment and Cycles in Explicitely Solved Vintage Capital Models," PSE Working Papers halshs-02570648, HAL.
    2. Charles R. Hulten, 1992. "Growth Accounting When Technical Change is Embodied in Capital," NBER Working Papers 3971, National Bureau of Economic Research, Inc.
    3. Dan Su & Yang Yao, 2017. "Manufacturing as the key engine of economic growth for middle-income economies," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 22(1), pages 47-70, January.
    4. Groth, Christian & Wendner, Ronald, 2014. "Embodied learning by investing and speed of convergence," Journal of Macroeconomics, Elsevier, vol. 40(C), pages 245-269.
    5. Edmond S. Phelps & Charlotte Phelps, 1965. "Factor-Price-Frontier Estimation of a 'Vintage' Production Model of the Post-war U.S. Nonfarm Business Sector," Cowles Foundation Discussion Papers 185, Cowles Foundation for Research in Economics, Yale University.
    6. Diego Martínez López, 2002. "Crecimiento y capital público desde una perspectiva regional: Una extensión del modelo de Barro," Revista de Estudios Regionales, Universidades Públicas de Andalucía, vol. 3, pages 75-92.
    7. van Zon, Adriaan & Lontzek, Thomas S., 2008. "R&D-driven biases in energy-saving technical change: A putty-practically-clay approach," Kiel Working Papers 1474, Kiel Institute for the World Economy (IfW).
    8. Brett D. Berger, 2002. "Finding numerical results to large scale economic models using path-following algorithms: a vintage capital example," International Finance Discussion Papers 728, Board of Governors of the Federal Reserve System (U.S.), revised 2002.
    9. Paul Taubman & Terence Wales, 1975. "Education as an Investment and a Screening Device," NBER Chapters, in: Education, Income, and Human Behavior, pages 95-122, National Bureau of Economic Research, Inc.
    10. Hsu, Sara & Li, Jianjun, 2012. "“Ideal” financial development and financial overaccumulation," MPRA Paper 38035, University Library of Munich, Germany.
    11. Taiji Hagiwara & Yoichi Matsubayashi, 2019. "Capital Accumulation, Vintage And Productivity: The Japanese Experience," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 64(03), pages 747-771, June.
    12. Brett D. Berger, 2001. "Putty-putty, two sector, vintage capital growth models," International Finance Discussion Papers 716, Board of Governors of the Federal Reserve System (U.S.), revised 2001.
    13. Martin Neil Baily & Charles L. Schultze, 1990. "The Productivity of Capital in a Period of Slower Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(1990 Micr), pages 369-420.
    14. Patric H. Hendershott, 1988. "The Tax Reform Act Of 1986 And Economic Growth," NBER Working Papers 2553, National Bureau of Economic Research, Inc.
    15. Brett D. Berger, 2001. "Convergence in neoclassical vintage capital growth models," International Finance Discussion Papers 713, Board of Governors of the Federal Reserve System (U.S.), revised 2001.
    16. Milton H. Marquis & Bharat Trehan, 2007. "Productivity shocks in a model with vintage capital and heterogeneous labor," Working Paper Series 2007-06, Federal Reserve Bank of San Francisco, revised 2007.

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